Needham & Company LLC Reaffirms “Hold” Rating for Smartsheet (NYSE:SMAR)

Smartsheet (NYSE:SMAR)‘s stock had its “hold” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports.

Other research analysts have also issued research reports about the stock. Citigroup raised their price objective on shares of Smartsheet from $55.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Canaccord Genuity Group raised their price target on shares of Smartsheet from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, September 6th. DA Davidson restated a “neutral” rating and issued a $56.50 price target (up previously from $55.00) on shares of Smartsheet in a research note on Tuesday. Truist Financial increased their price objective on Smartsheet from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada boosted their target price on Smartsheet from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Smartsheet presently has a consensus rating of “Hold” and a consensus price target of $56.32.

Smartsheet Price Performance

Shares of NYSE:SMAR traded up $3.37 during mid-day trading on Tuesday, reaching $55.46. 28,245,416 shares of the company were exchanged, compared to its average volume of 1,679,152. Smartsheet has a 1 year low of $35.52 and a 1 year high of $55.56. The firm’s 50-day simple moving average is $48.76 and its 200 day simple moving average is $43.25. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of -89.45 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The business had revenue of $276.41 million during the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The company’s revenue was up 17.3% on a year-over-year basis. On average, research analysts forecast that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet declared that its board has approved a share buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the sale, the insider now directly owns 16,567 shares of the company’s stock, valued at approximately $714,203.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Stephen Robert Branstetter sold 4,272 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $44.42, for a total transaction of $189,762.24. Following the completion of the sale, the chief operating officer now owns 63,795 shares in the company, valued at $2,833,773.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jolene Lau Marshall sold 3,994 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $43.11, for a total value of $172,181.34. Following the completion of the transaction, the insider now owns 16,567 shares in the company, valued at approximately $714,203.37. The disclosure for this sale can be found here. Insiders have sold 39,429 shares of company stock worth $1,952,525 in the last ninety days. 4.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Smartsheet

Several hedge funds have recently modified their holdings of SMAR. International Assets Investment Management LLC purchased a new position in Smartsheet during the 2nd quarter worth $25,000. Banque Cantonale Vaudoise purchased a new position in Smartsheet during the first quarter worth about $29,000. Versant Capital Management Inc acquired a new stake in Smartsheet in the second quarter valued at about $31,000. Plato Investment Management Ltd purchased a new stake in Smartsheet in the 1st quarter valued at approximately $35,000. Finally, First Horizon Advisors Inc. lifted its holdings in Smartsheet by 37.5% in the second quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $39,000 after acquiring an additional 244 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Smartsheet Company Profile

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.